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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
AUSTRALIA DATA
NAB notes that the deterioration in business conditions likely resulted in the easing of price pressures. All the survey price and cost measures eased in December with the price of final products posting the smallest increase since the Covid-impacted February 2021. The data is seasonally adjusted and so shouldn’t be impacted by the Cyber Week discounts.
- In terms of costs, purchase costs rose a robust 1.6% but down from November’s 2.5%. Australia is less likely to be impacted by the increase in global shipping costs, as goods from Asia don’t need to travel through the Suez or Panama Canals.
- Labour costs rose a solid 1.8% but eased from November’s 2.3% and are below the 2023 average of 2.6%. The NAB price/cost data is in quarterly equivalent terms.
- Final product prices increased 0.9% in December after 1.2% and retail prices rose 0.6% after 1.8%. If this moderation in prices is maintained, the retail series is consistent with the RBA’s target band but final product inflation needs to moderate further.
Australia NAB business cost and price pressures %
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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